CO2 Solutions Completes First Alberta Oil Sands Project Milestones
Company's patented carbon capture technology exceeds operating cost reduction target
Outstanding Shares: 79,687,836
QUEBEC CITY, Aug. 29, 2013 /PRNewswire/ - CO2 Solutions Inc. (TSX-V: CST), an innovator in the field of enzyme-enabled carbon capture technology, today announced that it has met and exceeded the first two technical performance milestones for its Alberta Oil Sands project. The Company demonstrated its patented carbon capture technology is at least one-third less expensive than existing carbon capture technology in terms of energy consumption, and can withstand the rigors of industrial application.
The project will now proceed to the large-bench scale (0.5 tonne/day CO2 capture) testing phase for the remainder of 2013 where the same performance metrics will be validated under flue gas conditions. Following successful large-bench validation and, according to the current schedule, the project will move to field pilot-scale (approximately 15 t/d CO2 capture) testing in 2014.
"Today's milestone demonstrates our Government's commitment to investments that bring innovative clean technologies from concept to demonstration," said the Honourable Joe Oliver, Canada's Minister of Natural Resources. "Through programs such as the ecoENERGY Innovation Initiative, our Government is supporting innovative clean energy technologies that create jobs, generate economic opportunities and protect the environment."
"Confirming the cost-effectiveness and efficacy of our enzymatic carbon capture technology is an important step towards commercial deployment in the Oil Sands," said Evan Price, President and CEO of CO2 Solutions. "The Company is well-positioned to move to the next stage of the technology's development."
CO2 Capture Performance
CO2 Solutions' enzymatic technology yielded an energy cost reduction of at least 33 per cent compared to existing carbon capture technologies when employed to capture 90 percent of the CO2 emissions from natural gas combustion at a typical in-situ oil sands operation. Importantly, the 33 percent cost reduction was achieved without any process optimization, and further savings are expected to be achieved upon optimization and operational integration in later development phases. The project target was to demonstrate a cost reduction of 25 percent relative to existing carbon capture technologies.
Additionally, the selected solvent is not only significantly less expensive than conventionally used ones, but is also far superior from an environmental and solvent-management standpoint.
The Company demonstrated that its patented enzyme-accelerated process could be deployed efficiently at low temperatures, allowing for a simplified process configuration in which the enzyme showed excellent activity and longevity in the solvent used.
These milestones were included in the Contribution Agreements for the Government of Canada's ecoENERGY Innovation Initiative (ecoEII) and Alberta's Climate Change and Emissions Management (CCEMC) Corporation grants funding the project.
Unconventional oil production in the Alberta Oil Sands has been the subject of recent attention due to its higher overall carbon footprint compared to conventional oil production. Both industry and government are focused on ways to reduce emissions from the Oil Sands, with carbon capture and storage (CCS) being a mitigation option of significant interest. However, the cost of conventional CCS technologies is prohibitive to broad commercial deployment.
CO2 Solutions' innovative technology addresses this cost barrier with a biomimetic solution that takes advantage of the powerful enzyme catalyst, carbonic anhydrase, which is responsible for the efficient management of CO2 in respiration in humans and other living organisms. The enzymatic technology enhances existing solvent-based gas scrubbing architecture to increase process efficiency and lower operating and capital costs, resulting in an efficient carbon solution for existing and new emissions sources in the Oil Sands and elsewhere.
About CO2 Solutions Inc.
CO2 Solutions is an innovator in the field of enzyme-enabled carbon capture and has been actively working to develop and commercialize the technology for stationary sources of carbon pollution. CO2 Solutions' technology lowers the cost barrier to Carbon Capture, Sequestration and Utilization (CCSU), positioning it as a viable CO2 mitigation tool, as well as enabling industry to derive profitable new products from these emissions. CO2 Solutions has built an extensive patent portfolio covering the use of carbonic anhydrase, or analogues thereof, for the efficient post‐combustion capture of carbon dioxide with low‐energy aqueous solvents. Further information can be found at www.co2solutions.com.
CO2 Solutions Forward-looking Statements
Certain statements in this news release may be forward-looking. These statements relate to future events or CO2 Solutions' future economic performance and reflect the current assumptions and expectations of management. Certain unknown factors may affect the events, economic performance and results of operations described herein. CO2 Solutions undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CO2 SOLUTIONS INC.